APAC Insurance

Valued Policy

For items, whose values may fluctuate or prove difficult to determine at times such as in rare books and antique furniture, a valued policy settles on an agreed value established between the insurer and policyholder. Whenever a loss occurs, instead of determining at the time of loss what the market value of the article would be, the insurer will pay off the amount agreed between the parties.

Valued Policy

For items, whose values may fluctuate or prove difficult to determine at times such as in rare books and antique furniture, a valued policy settles on an agreed value established between the insurer and policyholder. Whenever a loss occurs, instead of determining at the time of loss what the market value of the article would be, the insurer will pay off the amount agreed between the parties.

Valued Policy

For items, whose values may fluctuate or prove difficult to determine at times such as in rare books and antique furniture, a valued policy settles on an agreed value established between the insurer and policyholder. Whenever a loss occurs, instead of determining at the time of loss what the market value of the article would be, the insurer will pay off the amount agreed between the parties.

Single Policy

This policy limits the pay-out at specific claim amounts. For example, a policy at the maximum liability of ₹5 lakh. An insured property got damaged due to fire at ₹7 lakh. The amount payable in this case would be restricted to ₹5 lakh. In case the loss was ₹4 lakh, the full amount of ₹4 lakh is paid out.

Single Policy

This policy limits the pay-out at specific claim amounts. For example, a policy at the maximum liability of ₹5 lakh. An insured property got damaged due to fire at ₹7 lakh. The amount payable in this case would be restricted to ₹5 lakh. In case the loss was ₹4 lakh, the full amount of ₹4 lakh is paid out.

Single Policy

This policy limits the pay-out at specific claim amounts. For example, a policy at the maximum liability of ₹5 lakh. An insured property got damaged due to fire at ₹7 lakh. The amount payable in this case would be restricted to ₹5 lakh. In case the loss was ₹4 lakh, the full amount of ₹4 lakh is paid out.

Average Policy

When a property is insured for less than the full value, then an "average clause" may apply to limit the proportionate payout. For example, if a bakery with equipment worth ₹ 15 lakh is insured for only ₹ 10 lakh, the claim payout shall be proportionally adjusted, covering only a part of the total loss.

Average Policy

When a property is insured for less than the full value, then an "average clause" may apply to limit the proportionate payout. For example, if a bakery with equipment worth ₹ 15 lakh is insured for only ₹ 10 lakh, the claim payout shall be proportionally adjusted, covering only a part of the total loss.

Average Policy

When a property is insured for less than the full value, then an "average clause" may apply to limit the proportionate payout. For example, if a bakery with equipment worth ₹ 15 lakh is insured for only ₹ 10 lakh, the claim payout shall be proportionally adjusted, covering only a part of the total loss.

Floating Policy

A floating policy is suitable for companies that store their inventory in different places. Under this type of insurance policy, all the goods kept in several locations are covered by one policy. For example, an enterprise that has outlets in different cities can cover its inventory across locations in one policy. However, including an average clause in this policy lowers the premiums, but it also decreases the claim amounts.

Floating Policy

A floating policy is suitable for companies that store their inventory in different places. Under this type of insurance policy, all the goods kept in several locations are covered by one policy. For example, an enterprise that has outlets in different cities can cover its inventory across locations in one policy. However, including an average clause in this policy lowers the premiums, but it also decreases the claim amounts.

Floating Policy

A floating policy is suitable for companies that store their inventory in different places. Under this type of insurance policy, all the goods kept in several locations are covered by one policy. For example, an enterprise that has outlets in different cities can cover its inventory across locations in one policy. However, including an average clause in this policy lowers the premiums, but it also decreases the claim amounts.

Consequential Loss Policy

This type of policy covers financial losses arising from business interruptions following a fire. For instance, if a manufacturing plant will not produce goods following a fire to undertake repairs, then it can recover lost revenue and fixed expenses that will keep it afloat until operations resume.

Consequential Loss Policy

This type of policy covers financial losses arising from business interruptions following a fire. For instance, if a manufacturing plant will not produce goods following a fire to undertake repairs, then it can recover lost revenue and fixed expenses that will keep it afloat until operations resume.

Consequential Loss Policy

This type of policy covers financial losses arising from business interruptions following a fire. For instance, if a manufacturing plant will not produce goods following a fire to undertake repairs, then it can recover lost revenue and fixed expenses that will keep it afloat until operations resume.

Replacement Policy

This policy provides compensation for the cost involved in replacing the damaged property. It may compensate either at its depreciated value or on a full replacement cost. In the case of a ₹10 lakh machine in a factory being damaged, this policy can either pay out its depreciated value or compensate for a new machine depending on the terms.

Replacement Policy

This policy provides compensation for the cost involved in replacing the damaged property. It may compensate either at its depreciated value or on a full replacement cost. In the case of a ₹10 lakh machine in a factory being damaged, this policy can either pay out its depreciated value or compensate for a new machine depending on the terms.

Replacement Policy

This policy provides compensation for the cost involved in replacing the damaged property. It may compensate either at its depreciated value or on a full replacement cost. In the case of a ₹10 lakh machine in a factory being damaged, this policy can either pay out its depreciated value or compensate for a new machine depending on the terms.

What is Fire Insurance

Types of Fire Insurance

Valued Policy

Valued Policy

Valued Policy

Single Policy

Single Policy

Single Policy

Average Policy

Average Policy

Average Policy

Floating Policy

Floating Policy

Floating Policy

Consequential Loss Policy

Consequential Loss Policy

Consequential Loss Policy

Replacement Policy

Replacement Policy

Replacement Policy

Understand Home Insurance Policy

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Insurance Terminologies

Premium

Premium

Premium

Claim

Claim

Claim

Deductible

Deductible

Deductible

No Claim Bonus (N.C.B.)

No Claim Bonus (N.C.B.)

No Claim Bonus (N.C.B.)

Policy

Policy

Policy

Coverage

Coverage

Coverage